SG Americas Securities LLC Sells 1,124 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX)

SG Americas Securities LLC trimmed its holdings in AvidXchange Holdings, Inc. (NASDAQ:AVDX) by 6.7% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 15,676 shares of the company’s stock after selling 1,124 shares during the quarter. SG Americas Securities LLC’s holdings in AvidXchange were worth $194,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of AVDX. Envestnet Asset Management Inc. increased its holdings in AvidXchange by 80.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 19,378 shares of the company’s stock worth $156,000 after buying an additional 8,624 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in AvidXchange by 14.0% in the 1st quarter. JPMorgan Chase & Co. now owns 24,188 shares of the company’s stock worth $195,000 after buying an additional 2,979 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in AvidXchange by 21.2% in the 1st quarter. Bank of New York Mellon Corp now owns 1,103,712 shares of the company’s stock worth $8,885,000 after buying an additional 192,843 shares in the last quarter. Rhumbline Advisers increased its holdings in AvidXchange by 42.1% in the 1st quarter. Rhumbline Advisers now owns 25,380 shares of the company’s stock worth $204,000 after buying an additional 7,516 shares in the last quarter. Finally, Lord Abbett & CO. LLC bought a new stake in AvidXchange in the 1st quarter worth about $6,484,000. 80.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on AVDX shares. Piper Sandler cut their price target on AvidXchange from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday. Keefe, Bruyette & Woods started coverage on AvidXchange in a research note on Tuesday, April 9th. They set a “market perform” rating and a $13.50 price target for the company. JPMorgan Chase & Co. boosted their price target on AvidXchange from $14.00 to $15.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. Barclays boosted their price target on AvidXchange from $13.00 to $14.00 and gave the company an “overweight” rating in a research note on Friday, December 22nd. Finally, The Goldman Sachs Group boosted their price target on AvidXchange from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $13.17.

AvidXchange Stock Down 4.0 %

NASDAQ AVDX opened at $11.64 on Friday. The stock’s 50 day moving average is $12.45 and its 200 day moving average is $11.07. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.20. AvidXchange Holdings, Inc. has a 12 month low of $6.88 and a 12 month high of $13.56. The stock has a market cap of $2.38 billion, a PE ratio of -50.61 and a beta of 1.04.

Insider Buying and Selling

In related news, President Daniel Drees sold 17,604 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $13.02, for a total value of $229,204.08. Following the transaction, the president now directly owns 750,744 shares of the company’s stock, valued at approximately $9,774,686.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Joel Wilhite sold 27,384 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $13.15, for a total transaction of $360,099.60. Following the sale, the insider now directly owns 327,100 shares of the company’s stock, valued at approximately $4,301,365. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Daniel Drees sold 17,604 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $13.02, for a total value of $229,204.08. Following the sale, the president now directly owns 750,744 shares in the company, valued at $9,774,686.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,010,167 shares of company stock valued at $39,077,190. Corporate insiders own 10.30% of the company’s stock.

About AvidXchange

AvidXchange Holdings, Inc provides accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers in North America. The company offers AP automation software, a SaaS-based solution that automates and digitizes capture, review, approval, and payment of invoices for buyers; the AvidPay network that connects two-sided payments with buyers and suppliers; and the AvidXchange Supplier Hub, which provides supplier insights to cash flow, tools for in-network invoices and payments, and early payment feature.